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Credit card shopping has many obstacles. Different stores might not accept local credit cards, plus e commerce websites usually store user’s credit card data for future payments. This can be dreadful in case of data breach, because credit card numbers, security codes and expiration dates can end up in the hands of cyber criminals.

Credit card security issues lead to fast development of online payment services. The most popular one is PayPal, service which moved around $228 billion around the world in 2014. This is worldwide known and recognized service accepted on almost all e-commerce websites. In spite of being so popular, PayPal also has strict rules and regulations that are not favorable for some categories of clients. They charge fees for all transactions, their currency rates have a lot of variations and there are also countries where this service can’t be used at all.

Of course PayPal is not the only online payment system. In this article we will review five PayPal alternatives that are recently becoming more popular, due to lower transaction fees, better security and worldwide acceptance.

Google Wallet

This paying service is used strictly for C2B and B2B transactions, so there’s no option to send money to another user. In spite of that it became very popular in recent years, especially in US, because it doesn’t charge any transaction fees. Google Wallet is a mobile paying system and it’s used on NFC-enabled Android phones that include recent devices made by: LG, HTC, Xperia, Samsung and Motorola. Google Wallet’s security includes:

  • Device screen needs to enable NFC chipset access;
  • Sensitive data is stored on NFC chipset’s protection memory;
  • Users need to type in the correct PIN for opening application.

Skrill (MoneyBookers)

Skrill works as an online banking service and enables users to send money to each other or to shop online, on websites that supports this application. It is available for all worldwide users, just in some countries it can only work with credit or debit card, while in all others users can freely send and receive funds without connecting their regular bank account. Charging fees also depend on the country of residence, but these are generally more affordable than the ones on PayPal.

Unlike PayPal that can be used on most e-commerce websites, Skrill is not that popular when it comes to C2B transactions. It mainly focuses on transactions between users, and since it enables you to send money anywhere in the world, it represents a very strong competition to PayPal in this segment.

Payoneer

Unlike other similar services, registering at Payoneer comes with receiving prepaid MasterCard, on which users can load money and use it as regular credit card for shopping and receiving funds from freelance market place accounts. Creating an account is free, and users are charged only after they register their card. Using the card comes with an annual fee, but it also enables users to purchase on all websites and in all brick & mortar stores that support MasterCard and to withdraw their money from most ATMs.

Alternative Payments

Alternative Payments equips e commerce websites with several popular payment options, including: direct debit (Euro Debit), bank transfer and credit transfer. Euro Debit is the most widespread European online payment system, accepted in all EU countries. It enables customers to pay purchased goods directly from their bank account, without credit or debit card numbers. Currently Euro Debit (also known as SEPA) is one of the most popular online payment services, with coverage that will soon include more than 500 million co0nsumers from EU countries.

Payza

This service enables its users to receive and send money from 190 different countries in 21 world currencies. Although Payza is mainly based on US and Canada and it mostly accepts American and Canadian credit and debit cards, users from all around the world are able to add funds on their accounts by regular bank transfers, or to request money they received through invoices. When it comes to private use, Payza offers very competitive fees, at least comparing to PayPal and it also offers a lot of security features and possibility to manage several business accounts from one dashboard.

E Commerce popularity resulted in many new alternative payment methods, which are slowly breaking PayPal’s market domination. Competitive online payment service market leads to better conditions for consumers, which includes: smaller fees and extra features.

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Nirmal Anandh
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Nirmal Anandh

CEO at RAAM IT Solutions
Hi, this is M Nirmal Anandh from the "Temple City", Madurai. I am the Founder of this blog.My profession is, as a CEO in RAAM IT Solutions. It's about E-Publishing, Data Conversion and Data Entry Projects. you can connect with me @, Google+, Facebook, and LinkedIn.
Nirmal Anandh
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